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Looking to the Future Will firms be able to do more with more? This question must be answered if we are con- cerned with the sustainability of today’s profit levels, market share, and employment levels. According to Stephen Roach, chief economist at Morgan Stanley, it is indisputable that the wave of downsizing wit- nessed in the 1980s and 1990s restored profit levels and may have contributed to improved efficiency in U.S. firms. He wrote, “But if that’s all there is to the script, you have to wonder what U.S. businesses can do for an encore.”37 Roach sums up a concern that many other researchers have voiced about the appar- ent preference of U.S. businesses to pursue short- term over long-term strategies. GE, for example, is often singled out for such criticism. The response of corporate leaders to the downturn in aircraft indus- try demand in 1993 illustrates the point. GE’S RESPONSE TO DOWNSIZING The aircraft engine division, an odd one in GE’s traditional business mix of appliances and electri- cal equipment, was historically left alone by top corporate management. The aircraft engine busi- ness was spared the full brunt of GE’s corporate downsizing and managerial housecleaning of the early 1980s. In fact, Brian Rowe, aircraft engines chief, was the only business president who re- tained his job after John Welch took over GE. This state of affairs changed, however, as the en- gine division’s profit stream slowed to a trickle in the early 1990s. The engineering ranks, which numbered 10,000 in 1991, fell to just 4,000 by the mid-1990s.38 Rowe himself was a casualty. Employment in the division during the early and mid-1990s fell to less than 20,000 from 44,000 as recently as 1987, when it was GE’s largest business. These drastic cuts had some unintended effects. At the time, GE had a major new engine program, the GE90, in development. The engine, designed for Boeing’s new 777 wide-body airplane, was scheduled to enter service in 1995. The program, however, was plagued by design flaws and production difficul- ties, perhaps not surprisingly, given the scale of the cuts the division experienced. The Federal Avi- ation Administration withheld certification of the GE90 until it was satisfied that the problems were corrected, and the program turned out to be a great embarrassment for the company.39 The pub- lic relations problems were only part of the costs to GE. By the time the GE90’s problems were re- solved, the financial costs associated with fixing the problems totaled $275 million, which GE took as a charge against earnings in 1997.40 Jet Engine Manufacturing in New England 17PDF Image | JET ENGINE MANUFACTURING IN NEW ENGLAND
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